NEW Model Regulation Requirements in AZ and IA Starting 01/01/21

New annuity standard of care replaces old suitability standard

Attention Arizona and Iowa producers

NAIC Model Regulation 275 requires sales process changes starting Jan. 1, 2021
Starting Jan. 1, 2021, for all new business written in Arizona and Iowa a new annuity standard of care rule becomes effective. This new “best interest” standard, which replaces the old suitability standard, includes several substantive changes to both producer obligations and supervising insurer obligations. These changes will impact the sales process — including new point-of-sale form requirements, producer disclosures, and documentation obligations.

We’ve developed a Compliance Blueprint to help you understand your new obligations and summarize the new business requirements. Included with the Compliance Blueprint is the Doing Business With North American Blueprint. This Doing Business Blueprint is intended to be a “cheat sheet” of sorts for you to refer back to as you are getting comfortable with your new compliance obligations.

Training
Training will be required within six months of state adoption. Watch your email for more info.

Required forms